Global online betting market size
10th May 2023
The entertainment industry is constantly changing when it comes to what is popular. There are so many different options when it comes to entertaining ourselves. From films to sports to online betting sites, there’s something for everyone to do during their downtime.
Most of these parts of the industry experience their highs and lows as certain forms of entertainment see changes in popularity. However, the online betting industry is one that we see continue to flourish.
There seem to be no obvious dips in its popularity, and it has carried on its upward trend for years. We’ll be taking a deeper look into sports betting and why that is the most popular and fastest growing area of the online betting market.
Why the online betting market continues to grow
- Better access through internet and apps
It’s now easier than ever to gain access to sports betting through many internet betting sites and apps. You no longer have to go down to your local pub, sports ground, or betting shop to place a bet. Everything can be done from the palm of your hand.
The proximity to these betting apps means that people are far more likely to use them. Convenience is one of the best things about the invention of the internet and it has made entertainment industries a lot more accessible to all.
- More availability to make bets
Making bets on sporting events used to just be a thing when you went to the races. Everyone would have their turn at putting a bit of money on a horse to see if they could get lucky.
But now that the internet has made it easier not to miss a sporting event, it’s also made it easier to bet on them too.
With a plethora of sports betting apps to choose from, you can place a bet on whatever sport you like. Whether the sport is being played in your city or somewhere on the other side of the globe, you can put a bet on whatever sport you like.
Not only has this made it easier to bet on certain sports, it means that peoples interest in sports has diversified. American football can now be watched and enjoyed by someone in England who might not have witnessed the sport in real life before.
- More offers and promotional deals around
Making bets is not just more accessible due to the internet. There are other ways that the accessibility to online betting has changed.
There are now more offers and promotional deals on offer now than ever before. As there are so many online casinos and other sites to choose from, there is a lot of competition about.
This means that each site is trying to be the best in terms of value for money. A lot of betting sites achieve this by putting out offers and deals that make it even easier for people to place a bet.
If you’re a bit tight on cash at the end of the month, you wouldn’t be as inclined to place a bet. However, if you get a promotional deal that offers you a free spin or a no deposit bonus, it means you’re able to get involved.
This makes it easier for those who wouldn’t usually be placing bets to get more involved in the online betting scene. It’s little incentives like this that make the online betting market continue on its upward trajectory.
- More awareness through advertising
Advertising is one of the best ways to get your product in front of an audience and the betting industry is no exception. Online betting sites use a huge proportion of their revenue on advertising that helps get you interested.
The more you see adverts out and about that mention sports betting, the more it will play on your mind. If you’re travelling via public transport and have nothing to do before you get to your destination, you might see an advert for a sports betting site and decide to give it a try.
This is also true if you’re watching a sport on TV. There are always loads of adverts in between matches or portions of the sport that is being played. If you see an advert for a sports betting site while you wait for the next round of the game, you’re going to be more enticed to check it out.
You might even have your notifications turned on for a sports betting app on your phone. If they know that there’s a big game on, they could send you a notification with an offer for that specific app. This makes it super easy to access and there will be a higher chance of you taking them up on their offer.
Sports have always been a favourite pastime but with online betting added into the mix, it gets a lot more interesting. What is your favourite sport to put a bet on?